Identify a good you commonly use or would like to use. Explain at least three factors that would result in a shift in the demand curve for that good and three factors that would result in a shift in the supply curve for that good. Describe the effect on the equilibrium price and quantity of each factor. Finally, explain how changes in supply and demand differ from movements along the demand curve or movements along the supply curve and why the distinction is important.

Answer rating: 100% (QA)

Lets consider the good smartphones for this exercise Factors that would result in a shift in the demand curve for smartphones 1 Changes in consumer pr... View the full answer